Wealthy CEO Accelerator Podcast

Are you a fitness consultant who needs to file taxes?

Did you know that there are special tax tips for fitness consultants? If not, don't worry. We have made the list of the top 7 tax tips that every fitness consultant should know. Keep listening and learn how to save money on your taxes this year!

You can get all of these great tax tips in just one place. Press the play button and listen to our list of the top 7 most important things every fitness consultant should know about their taxes! And if you want even more information, check out our podcast on other topics like "Helping an S-Corp Client and Entrepreneurial Advice" or "What are the Most Common Mistakes Business Owners Make?" There are tons of podcasts we have for you with helpful advice —go ahead and browse our playlist!

Click this link now to find out more about filing your taxes today!

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Are you one of the many business owners who are confused about how much you need to be paying yourself what is considered reasonable compensation from your S-Corp? This episode will help you understand the fundamentals of paying yourself as an S Corp owner that most accountants don't talk about.

KEY TAKEAWAYS:✔️ Ensure that you are not paying yourself if you are a single-member LLC or a multi-member LLC. Many payroll companies don't understand, and they don't give you guidance based on your entity.

✔️ If you don't pay yourself a reasonable compensation, you have a huge risk of getting audited. And if you do get audited, you're going to spend so much money on penalties, interests, plus aggravation and stress proving to the IRS that you need to pay yourself a reasonable amount of compensation if you are an S Corp.

✔️ Don't just come up with the numbers off the top of your head without any background information. Determine what's reasonable by researching salary.com, indeed.com, monster.com to compare pay rates applicable to your role.

✔️ It's vital to have the proper guidance from an accountant who asks you specific questions and lets you know how much your salary should be based on the state or the industry you're in.

Did you ever imagine spending this much time on your financials?

IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/ 📚 👓 PM or email us at accounting@empiretaxusa.com to book a FREE strategy session with an Enrolled Agent on our team.

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Are you making about less than 10-15K dollars monthly, or at least one 100K on an annual basis and not yet ready to hire accounting firms? In this new episode, learn these valuable tips to get out of the dark and extract IMPORTANT and wise advice to help you go forward on what to do and watch out for after selecting your business entity.

KEY TAKEAWAYS:✔️ Do not assume that you automatically become an S-CORP when filing FORM 2553. Get confirmation after you faxed your documentation over to the IRS within seventy-five days, or else you will end up overpaying your taxes because you are the wrong entity.

✔️ Open a bank book to your new entity ASAP. This can be pretty common sense, but many business owners do not know. Inform your vendors to start paying you to that account Also all of the income would be reported under your entity name.

✔️ Excel versus QuickBooks for your small business. If you're not making that much money yet, Excel may be better where you report your income and expenses, and you're good as you start growing. You want to delegate and outsource this piece later on, to not waste a lot of time on software that you don't need to learn because you're not an accountant.

✔️ Business owners should not decide how much the payroll should be. Your accountant should tell you how much your payroll is based on your living expenses to look at accurate financials to make proper decisions. The problem is, a lot of these bookkeeping software companies do incorrect bookkeeping.

✔️ Ensure that you are legally protected and can save the most money in taxes. So many attorneys don't understand tax rules because they only understand legal protection. It would be best to speak to a tax expert who would tell you to reduce tax liability by making sure you are the correct entity.

Did you ever imagine spending this much time on your financials

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One of the fastest and easiest ways most business owners can save money on taxes is choosing the correct entity, but hundreds of clients come to me who have wasted their hard-earned dollars on taxes just because they are in the wrong entity. In this new episode of the Wealthy CEO Accelerator podcast, glean lessons learned by other business owners the hard way and be able to ask pertinent questions to ensure you are not making a mistake with your chosen entity.

KEY TAKEAWAYS:✔️ NEVER rely on Google for entity selection and tax advice. What industry are you in, in which state are you, how much money will you be making, and what are your goals? These are a few crucial questions that professionals need to ask a person or a business owner to be given the proper advice. You would never want to take the chance on Googling things on your own.

✔️ Understand why Sole Proprietorship may not be the best entity for legal reasons and tax purposes. Many business owners start by default as sole proprietors but don't have any protection moving forward and overpay by 15.3 percent in taxes.

✔️ Single-member LLCs, Sole Proprietors, and Multi-Member LLCs usually overpay in taxes. Learn legal ways for you to reduce tax liability by making sure you are the right entity.

✔️ Proper entity bookkeeping is crucial to ensure that you have a lesser chance of getting audited.Did you ever imagine spending this much time on your financials?

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Deciding the structure of your business is the crucial stage for every entrepreneur. In this new episode of the Wealthy CEO Accelerator podcast, let's go over entity selection and how you can adequately save the most money in taxes with the specific entity you decided to choose. There are several types of entities, and I want you to understand all the kinds of entities that there are because there are so many, and every single entity has its pros and cons.

KEY TAKEAWAYS:✔️ A sole proprietorship may not be the best entity if you're making 50-70K dollars annually because you will be reporting all of your income and expenses on your individual return. If you want to grow and have a huge business, usually being the sole proprietor is not the best entity.

✔️ The single-member LLC gives you protection from getting sued and from anybody who decides to go after your assets, such as your home, savings, car, and other things you achieved. Know more about these legalities and speak to an attorney to properly advise you what entity makes sense from a legal aspect and what entity makes sense to make sure that you are 100 percent protected in your business.

✔️ Remember that a single-member LLC or any entity does not replace insurance agents, make sure and think about what type of insurance you need to be protected.

✔️ But you need to remember, if you're a corporation, you always need to file two returns. If you're a C-Corp, S-Corp, or a multi-member LLC, you need to file two returns. And those are you need to know your dates, too.

✔️ If you're going to go to a software company where they're not going to look at your entire picture, they will not give you sound advice specific to your situation.

We help clients save at least 10 -15K dollars yearly with our virtual CFO package!We at Empire Tax Professionals look at things at a whole different level. We bring no-nonsense and straightforward money-saving strategies to help you grow your business like it's ours.

PM us for a free consultation with our tax experts.

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We have many Amazon sellers working with us and hire their children to unpack their packages, putting labels, and making sure codes match in the inventory. Their kids also do the marketing materials and post them on social media. They're able to do research, shred documents, sweep the floors in a warehouse or storage, or help out in shipping products to particular people. There's so many things that children can do for you and you can legally pay them.

In this Wealthy CEO Accelerator podcast, learn how hiring kids is an overlooked genius tax planning strategy that helps you save money and cut back thousands of dollars from taxes.

KEY TAKEAWAYS:✔️Hiring your kids is a perfect legal and ethical system that also allows you to teach them to be smart about money and acquire work ethics at an early age.

✔️First assess what your child can do. From ages seven to 17 years old, hire you little humans and establish work that is appropriate for their age and put that into writing. Because if the IRS ever asks you, you want to make sure that you have that on file.

✔️Learn every step required to ensure you get accurate deductions and get protected from potential IRS audits. Getting workers comp insurance, Department of Labor registration, filing payroll returns, and other additional requirements will command huge penalties if not done properly.

✔️It would be best to pay them a thousand dollars monthly and not exceed more than $12K for the entire year.

✔️Pay your child to a separate bank account. Many business owners and entrepreneurs don't have a different bank account for their kids. You would need to go to the bank, open a custodial account and pay them there weekly.

✔️There's much paperwork and filing required; therefore, you need to ensure that you hire the proper accountants to help you get documented adequately that your child worked for you in your company because the IRS may not believe you.

✔️ When hiring your kids, you need to file your payroll returns every three months according to the specific dates of your state and IRS.

PM us for a free consultation with our tax experts.

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Fifteen years ago, I was an accountant clocking in 60 to 70 hours for work, especially during tax season. Every night when I arrive home, the babysitter already tucks my two kids in bed, always sleeping by the time I come. Making 50K annually was no longer worth it; after paying for daycare and all my other expenses, I am left with nothing. On top of that, I was experiencing failing health. I reached the point that I had to be on IV every single day. I begged the doctor to put the IV on my left hand as I wrote my goals and to-dos, making the crucial decision of starting my own business.

In this Wealthy CEO Accelerator podcast episode, I will let you in on personal details and share valuable lessons I learned of starting from scratch to building a seven-figure accounting firm.

KEY TAKEAWAYS:✔️ When I first started my business 15 years ago, nobody was able to help me. I couldn't even find coaches or mentors and was going through it, figuring things out by speaking to other business owners, reading books, and failing and learning on my own.

✔️ Tapping people in the community telling everybody that I started preparing tax returns was the first best step of marketing my strengths and my business.

✔️ My primary motivation is drawn from my father's experience. He was detained for not paying a huge tax bill due to a piece of bad accountant advice. He was deported from the country because of that. I pursued this kind of service because I am passionate about helping every business owner make sure that they understand exactly what they need to do and not go through what my father did.

✔️ Accountants must take to heart that they are business consultants. They want to make sure that clients are given guidance and informed on what they need to do overall to make sure that they're compliant with their specific tax and financial situation.

✔️ My goal is to help business owners be the smartest person in their own craft and field even if they don’t understand the legalities and the technicalities of their financials.

✔️ It's terrible to start a company just because of money. You need to love what you're doing, so every single day, it doesn't feel like you're working, you're enjoying what you're doing, and then you people pay you because you're so good at it. So just to let you know, like many business owners start their companies because of money, they lose their passion and end up closing their company.

✔️ Hiring is one of the most complex parts because you want to make sure that your hiring person matches your vision, culture, and attitude. People out there are just like coming in, and they lie about their experience or say they know a few things and then don't show up.

✔️ Not getting a coach and mentor in my early years as I start my business is what stalled my growth. Developing the mind and achieving personal development earlier on would have saved me on costly mistakes and increased results faster.

PM us for a free consultation with our tax experts.

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Many of the self-employed and small business owners I speak to are often confused about qualifying for home office tax deductions. In this Wealthy CEO Accelerator podcast episode, we will go over what you need to know and claim accurate deductions without needing an IRS auditor coming to visit your home.

KEY TAKEAWAYS:✔️ To claim the home office tax deduction, ensure that your space is 100 percent used for your business. The IRS requires that such a portion of your home serves as the primary place where you do administrative or management activities.

✔️ The IRS says that for a home office to be deductible, it is used a few hours a day and at least at a minimum once a week - used "exclusively" and "consistently" for your business.

✔️You could have a TV there if you're using it for coaching or marketing purposes. But if you're having your kids watch TV and things like that, the IRS will surely disallow your expenses.

✔️Calculate the business percentage of your house by measuring the square footage intended for your home office space as a percentage of the total area.

✔️Home Office deduction rules vary based on your specific entity. There are different rules based on the entity that you are.

✔️ Expenses for a second location are also deductible. For example, e-commerce sellers have a warehouse where they do ordering, inventory, and recordkeeping or doctors and lawyers that meet clients and patients in a separate office/clinic.

✔️ Look up online IRS Publication 587 (Business Use of Your Home) to check specific rules and requirements.

✔️ Make sure that you're doing what you can to legally deduct everything possible. So many clients are overpaying taxes and giving a free donation to the government. Only because they don't have proper accountants and raise red flags with the IRS.

We at Empire Tax Professionals look at things at a whole different level. We bring no-nonsense and straightforward money-saving strategies to help you grow your business like it's ours.

PM us for a free consultation with our tax experts.

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There are just many business owners that I speak to on a consistent daily basis and think that they don't have any issues. Everyone feels like they don't have any accounting problems until I ask them specific questions. Who does your payroll? Who does your sales tax? Who does your bookkeeping? Like a doctor, I get to diagnose and find out issues that the business owner never even knew about.

In this Wealthy CEO Accelerator podcast episode, tune in to learn tax and accounting issues you need to be aware of!

KEY TAKEAWAYS:✔️ It makes no sense how seven-figure business owners allocate their bookkeeping and accounting needs and hire people from other countries when many accountants, CPAs, and licensed enrolled agents based in the United States don't even know how to help and resolve client issues.

✔️ We ask you specific questions to help you make sure that you're getting everything DONE RIGHT. Remember, you need a brain behind the software. You can't just process payroll. You can't just process an entity. It would be best if you had a human mind which anticipates what's next and has the heart that cares to help you with every little thing in your business.

✔️Our focus is giving guidance and strategies to help business owners save money on taxes, reduce the risks of audits, helping them be compliant, and have peace of mind.

✔️A lot of business owners are asking us, how are we different? Our most significant edge is doing bookkeeping in-house. Not because it's more profitable, it takes a lot of time, energy, and we always need to find experienced accountants who know what they're doing. This is how we provide clients the best guidance on deducting every single expense strategically.

✔️Nobody is thinking about the entire picture. We help so many business owners with what they don't even know they need with bookkeeping, payroll, estimated tax payments every quarter, filing sales tax returns, and everything from A to Z.

To build the best system for your business, you need to hire the best accounting team!We at Empire Tax Professionals look at things at a whole different level. We bring no-nonsense and straightforward money-saving strategies to help you grow your business like it's ours.

PM us for a free consultation with our tax experts.

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This year, we've been helping so many business owners with emergency Economic Injury Disaster Loan (EIDL) grant funding and Paycheck Protection Program (PPP) loans. While reviewing tax returns that their accountants were preparing, it was frightening and scary to see the number of mistakes we've seen and how clients were unknowingly paying MORE money on taxes.

This new Wealthy CEO Accelerator podcast episode talks about what business owners, e-commerce sellers, digital marketers, real estate agents, doctors, medical professionals, and people in other industries should look for in their people. Check the following steps HOW tax planning strategy should be and ensure that your team gets this done for you.

KEY TAKEAWAYS:✔️ They "diagnose" your finances. We act as doctors in the accounting field, asking specific questions to make sure that we can help our clients in every way. What entity are you? Do you have a payroll? Do you have sales tax? We ask a long list of questions to make sure that we're helping the client save the most money in taxes, reduce the risks of any audits, and make sure that they can get any Covid relief funding options that they qualify for.

✔️ They are experienced and knowledgeable about everything tax-deductible. I have a client overpaying in taxes 20K dollars a year just because his business entity was incorrect. He was a single member, LLC, and he was supposed to be an S-Corp all this time. He never deducted his office rent because he thought it was a red flag. Office rent is one hundred percent deductible! He never deducted his car expenses, and he would travel for work all the time, and he would, you know, keep track of his mileage.

✔️ Accountants don't act as historians. I met an Amazon seller making $1.2M, and I'll never forget how he told me how he loved his CPA and his bookkeeper. He said that they're perfect. Suddenly, he got hit with one $100K tax bill three days before the tax deadline. What's the point of having a bookkeeper and an accountant if they're not going to tell you exactly how much you owe every single quarter?

You can't go to an accountant a year later and pray for them to help you fix your mistakes. It's crucial. Get an accountant to help you every single month and help you with your bookkeeping, your payroll, and make sure that your entity structure is correct and everything that you need so you can pay the least amount of taxes legally. Before you hire an accountant, you want to make sure that that person can help you with tax planning specifically, and you want to have it documented in writing, and you want to make sure that that person can help you with your bookkeeping-related questions.

Did you ever imagine spending this much time on your financials?IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/ 📚 👓 PM or email us at accounting@empiretaxusa.com to book a FREE strategy session with an Enrolled Agent on our team.

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If you're an Amazon seller or a digital marketer - LISTEN TO THIS! We're seeing consistent risks and mistakes costing clients, business owners thousands of dollars in taxes. I am sharing this with the world because nobody's talking about this. You can't even find these issues in Google, Facebook, or anywhere on the Internet unless you meet the real people behind the scary testimonials.

This Wealthy CEO Accelerator podcast episode allows us to share some of the cases why the lack of guidance and entrusting multiple people to handle your finances has so many risks, and making mistakes will be so much higher. Glean lessons from these horror stories that hopefully will NEVER become yours.

KEY TAKEAWAYS:✔️ Horror Story #1: Amazon seller clients make $500K annually, a multi-member LLC or a Limited Liability Company with more than one owner. They had a bookkeeper/virtual assistant online responsible for reconciling statements and a CPA who prepared their returns at the end of the year. They came to us for our free review of their bookkeeping, and we found out that they had their books wrong, accounts were not reconciled, and since they hired a payroll company, they were processing payroll for the partners. If you're a multi-member LLC, it is illegal for you to process payroll. You're supposed to give yourself a check as a draw, and that would be it. Only if you're a multi-member LLC taxed as an S-Corp, could you be on the payroll. The bookkeeper was just shocked since she doesn't know tax laws, and the CPA was not aware that this is happening because all she was getting was a W-2 at the end of the year. The Amazon sellers were just so shocked, and they're like, "oh, my God, how come nobody told me this?" Not only that, there were issues with misclassified independent contractors. They thought that they had it all taken care of. Nobody was helping them with estimated tax payments.

✔️ Horror Story #2: CPA inexperienced with e-commerce gets husband and wife Amazon sellers paying fines from several states because they were not compliant. The couple didn't understand that they needed to register for sales tax or "nexus" with a state or didn't know how to review reports on the Amazon dashboard and do multiple things. They were just so frustrated, and they've been jumping from CPA to CPA because the local CPA promised them that they know how to do e-commerce accounting and sales tax.

✔️ Horror Story #3: An 86-year-old business owner said the IRS was harassing him for an unexpected tax bill of over $200K. He found us on Google after calling so many accountants who advised him to settle and pay the amount. I called the IRS telling me that he had a W-2 for $400K, a crazy amount. We found out that forms were submitted, addressed in Texas, and it didn't make sense. We looked into it in more detail and found out he was a victim of identity theft. It took over a year to help him while going through his wife's costly cancer treatments, and his son had a heart attack. He is thankful that we were there during the long stressful process, and we built such a good relationship with him.

Avoid making these critical mistakes, and make sure that you have an accounting team to help you get an IRS notice. You could have the best bookkeeper, the best payroll service provider, and the best CPA. But the one thing that I see consistently, there's a disconnect between these multiple departments, and there's no guidance. When you have various people in your finances, you end up overpaying in fees. It's just becoming frustrating because you're speaking to multiple people, assuming that everybody is communicating. The business owners believe that everything is done right, not until they get audited by the IRS.

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Amazon sellers, digital marketers, real estate professionals, self-employed individuals, and business owners ask us consistently the same question: what is DEDUCTIBLE and NOT DEDUCTIBLE?

In this Wealthy CEO Accelerator podcast episode, understand the basics to help you lower your taxable liability and decrease your risks of getting audited by the IRS.

KEY TAKEAWAYS:✔️ Learn to identify the general rules to determine if an expense is ordinary and necessary for your specific business. As an expert in your field, you can assess these on your own but do so at your own risk. It pays if you speak to a tax professional and seek proper guidance.

✔️ Many business owners don't know that they can deduct their bank service charges, coaching fees, and other work-related expenses.

✔️ Properly allocate your expenses, whether it's for personal or business. If it's personal, you have to be extra careful since there are expenses that are NOT deductible.

✔️ Business owners need guidance from entrepreneurial accountants. They look at things at a whole different level.

✔️ Access my comprehensive checklist to serve as your guide and every single strategy we recommend to avoid having issues and getting surprise notices from the IRS

Did you ever imagine spending this much time on your financials?IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/ 📚 PM or email us at accounting@empiretaxusa.com to book a FREE strategy session with an Enrolled Agent on our team.

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Set your business up the right way and find the most suitable professionals who will help you develop practical deductions in place and get the most savings on taxes and achieve peace of mind.

In this Wealthy CEO Accelerator podcast episode, glean the lessons from the most common mistakes that business owners make and consider when hiring an accountant.

KEY TAKEAWAYS:✔️ No strategic bookkeeping in place. A lot of business owners are hiring the wrong people to do their bookkeeping. Anybody that has minimal education is not going to help you save money on taxes. They don't know the tax law. They don't know what they're able to deduct and if every single expense is legally deductible.

✔️ No payroll. If your business is profitable, especially if you're an S-CORP, you need to be paying yourself a reasonable compensation by law. And the IRS looks at you, paying attention to how much the owners are paying themselves.

✔️ No tax planning. Many business owners don't have a certified tax code or a certified tax plan where they're legally reviewing every single thing and strategically letting them know what specific expenses they can deduct. Hiring your children, renting your home to your business, setting up an accountable plan, deducting your car, and many others things that your accountant may not know can be legally deducted from your taxes.

Did you ever imagine spending this much time on your financials?IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/ PM or email us at accounting@empiretaxusa.com to book a FREE strategy session with an Enrolled Agent on our team.

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So many business owners are consistently making the same mistakes over and over again because they don't know any better way. Nobody's guiding them, and nobody's telling them what they need to make a significant change in their business and finances.

In this Wealthy CEO Accelerator podcast episode, learn the main mistakes that businesses make every year and know how you should avoid them.

KEY TAKEAWAYS:

✔️ Entrusting your entity selection to Google. A few weeks ago, we signed up a couple in business as Amazon sellers making 700-800K dollars. They came up with being a multi member LLC as husband and wife. They said, "oh, we just Googled it. We just followed the instructions online". In their specific situation, multi member LLC is not the best entity and will lose a lot of money. They said, "We wish that we had the proper guidance." After assessing, we decided to convert them to an S-CORP as soon as possible. We helped them, on average, save 18-25K dollars every year by converting to S-CORP. That varies based on your specific situation, but a lot of businesses, again, come to us, and they say they chose their entity because they just Googled it and got the wrong information.

✔️ DIY Bookkeeping. The second mistake that we're seeing as business owners are doing their bookkeeping themselves. They don't know what's deductible and what's not deductible. They don't understand how they can deduct their expenses, like their home office, mileage, and car expenses for business and personal. They don't know how to split the costs. They don't know how to hire their children or specifically lower their taxable liability and allocate specific transactions into Quickbooks. They think they know, but they don't have someone reviewing it.

✔️ Business owners are not paying their estimates quarterly. So you need to know how much you need to pay quarterly and want to make the payments every quarter based on the exact numbers you have.

✔️ Lack of tax planning. A lot of accountants act like historians right there. They're like, "OK, how much money did you make last year?" "What tax documents did you have last year?" And their accountant did not go over tax planning suggestions and made efforts to reduce your tax liability legally. You end up overpaying in taxes because nobody looked at the numbers.

Did you ever imagine spending this much time on your financials?

Liked this episode?

Save tens of thousands 💸💸💸 on taxes and get in touch with Empire Tax Professionals: https://empiretaxusa.com/

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The most impactful people have failed their way to success so often that they lived to tell the tale and inspired many others never to give up and do as they did.

In this new episode of The Wealthy CEO Accelerator Podcast, allow me to share the significant learnings that I gathered in the 10X Grant Cardone Mastermind event and glean from these timely reminders that you may be missing to do in your life and business.

Key points that you will learn from this episode:

✔️ Who you hang around with is the most important thing. You've heard many times that you are the average of the five people you have the most time with. But you need to be reminded of this: to develop a stronger mindset, you need to learn and immerse yourself in a culture of winning consistently by having the right people in your inner circle to support you to level up in scale.

✔️ Visualize where you're going. Are you riding on the train of life and just waiting to stop anywhere? Know exactly what your goals are and where you are going; if somebody comes to me, that's making the hundred thousand dollars and wants to go the road to a million -- identify what the exact gap is? What exactly do they need to do for you to hit those goals? And you do it, you achieve it, fail, fix it, and continue going.

✔️ Haters are going to hate; that's their job. According to Grant Cardone, "The higher your success, the more haters you're going to get." Don't give your haters any energy or satisfaction, and continue doing what you're supposed to do. But if you do and that's stopping you, that should give you more fuel. You got to focus on yourself. You got to focus on innovating your product, what you're going to be doing, how you're going to be different. And you got to focus on yourself and grow your company and be the powerhouse you want to be.

✔️ Identify your non-negotiables. Why do you do what YOU do? You grow your company and business so you can live a better life. Many entrepreneurs use work as a badge of honor and fail to balance business and personal aspects and sacrifice things that should matter.

✔️ 10X your energy and mind. The real cost of masterminds and events is priceless! To be in a room of high-level people empowers you to think higher too, absorbing magnetic energy and excellent new connections.

Liked this episode?

Save tens of thousands 💸💸💸 on taxes and get in touch with Empire Tax Professionals: https://empiretaxusa.com/

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Every business owner is looking to grow and scale but gets stuck by forgetting the most crucial thing: TO KNOW YOUR NUMBERS. Nobody can affirm it better than the bestselling author and business innovator, Grant Cardone, stating that you will surely lose if you don't know your numbers. You will fail and spend so much money elsewhere.

In this new episode of The Wealthy CEO Accelerator Podcast, we will discuss how to set your goals effectively from the experience and expertise of a CFO and accountant and essential learnings from the 10X Mastermind event that you can apply in your business.

Key points that you will learn from this episode:

✔️ Numbers don't lie. As a tax accountant, I would first suggest looking at your profit and loss report, assessing your income and expenses. If you don't know your numbers, you're going to make the wrong decisions. You need to look at, "OK, can I afford this?" Or "How much money am I going to be making?" "What are my goals?" There are so many KPIs that you need to be looking at before making key-specific decisions.

✔️ Dreams can happen if you have the RIGHT TEAM. To achieve your goals, you need three things: your team, your team, your team! Employees working for you are your partners. Pass on this mindset, and you will achieve great things together!

✔️ Invest in yourself first! Have the proper training; there's so much education available now more than ever. Once you start making a lot of money, start investing in your business and do the training that you need to do and then invest in your assets so the cash flow can work for you.

✔️ Solid belief. Are you 100 percent convinced that you provide the best service and product? Are you sold on getting YOU? You need to believe in what you offer so much that you use it yourself.

✔️ Put in your sweat equity. You would need to really work hard, build your company, and grow us as fast as you can. Once you succeed, then you have enough money. And when you have enough money, you start delegating and hiring the right experts.

✔️ Don't hate anyone's success because if you don't admire it, you won't have it.

✔️ You don't want to make all this money and die at fifty. An entrepreneur looking to grow the business must also focus on your body and overall health. Increase your energy to stay in the game and enjoy.

✔️ Financial Bootcamp for you! I am holding a mastermind for business owners to understand their numbers, identify KPIs needed, and learn specifics to reach their goals and reduce their expenses.

Liked this episode?

Save tens of thousands 💸💸💸 on taxes and get in touch with Empire Tax Professionals: https://empiretaxusa.com/

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It's heartbreaking to hear stories from business owners I chance to speak to on a consistent daily basis. Everyone feels like they don't have any accounting problems until I ask them specific questions and then we find out issues that they're having yet never even knew about.

In this new episode of The Wealthy CEO Accelerator Podcast, we will discuss The Importance of Having The Right People in your team. Tune in to the full episode and know the right questions and qualifications you need to look for in the people who take care of your financials to save on your taxes and make your business thrive.

Key takeaways from the episode:

✔️ Understand that you need a brain behind the software. You can't just process payroll. You can't just process an entity. You can't just do bookkeeping. You need a skilled, experienced human who cares about every little thing that contributes to your financials and business success.

✔️ Take it upon yourself as a business owner to ensure that you're hiring the right accountant and people in your team.

✔️ It is your end goal to build long lasting wealth. The cost of overpaid taxes and IRS notices is way more expensive to your bank account and your peace of mind.

Liked this episode?

Save tens of thousands 💸💸💸 on taxes and get in touch with Empire Tax Professionals: https://empiretaxusa.com/

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What do you have to look for in a person or a company that you will entrust your financials with? In this new episode of The Wealthy CEO Accelerator Podcast, we will discuss the Top Tips on Finding an Accountant. Tune in to the full episode and know smart ways to save on your taxes and make your business thrive.

Key takeaways from the episode:

✔️ Have somebody work on your financials that the IRS licenses. Remember that three people are allowed to prepare your returns -- an enrolled agent, a certified public accountant (CPA) and an attorney.

✔️ Find an accountant who can be accessible all year-round. You don't want someone who goes missing in action on you and doesn't answer calls, emails, and texts, especially when the tax deadlines are around the corner. Someone that's responsible for your finances should always respond timely.

✔️ Ensure that your accountant is saving you money. You should know that you have the right person helping you take out the maximum deductions that are legally allowed by law, and you can use your money towards things that will work for you and your business.

✔️ Plan your taxes as early as possible. As you go over your profit and loss report, it is also necessary to incorporate strategies in line with your personal and financial goals. How old are you? Should you put money into your IRA? Do you want to buy a house? Do you want to travel more? Do you want to make a million dollars? Where should you invest? These are some questions we have to flesh through to help you plan and potentially build passive income.

Liked this episode?

Save tens of thousands 💸💸💸 on taxes and get in touch with Empire Tax Professionals: https://empiretaxusa.com/

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Are you getting ready for tax season?

In this episode of Empire Tax Professionals, let's talk about the top deductions that business owners should know. There is a lot of confusion in the online world with regards to this. The IRS general rule of thumb is — activities, services, and items deemed "ordinary and necessary" in making sure the business survives, and running is considered 100 percent tax-deductible expense.

KEY TAKEAWAYS:

✔️ Every industry has specific activities critical to operations, and it takes careful assessment to identify which items are considered typical for each company.

✔️ You want to break it down as much as possible to reduce the risk of audit and make sure to keep detailed records and receipts.

✔️ Advertising costs are deductible, including Facebook ads, Google Adwords, virtual assistants labor costs, and other marketing expenses.

✔️ Office supplies and fees that you need to operate your business can be grouped under this category and deducted.

✔️ Professional development and education that adds value to you and your team qualify as tax-deductible.

Did you ever imagine spending this much time on your financials?

📚 👓 To get a checklist of top tax deductions specific to your industry, get in touch with Empire Tax Professionals!

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As small businesses grapple with the continuing impacts of COVID-19, it is necessary to access the right resources to grow their companies during an ongoing pandemic.

In this episode of Empire Tax Professionals, we will discuss the steps to pivot from merely surviving but scaling your business to get to either six or seven figures.

KEY TAKEAWAYS:

✔️ Vision and courage go hand in hand. You need to know precisely what you want, why you want it. The moment you achieve clarity, you build the energy that will take you there and help you get what you want, even in a time of a global pandemic.

✔️ Read consistently. Knowledge is power, and learning from other people's experiences makes the entrepreneur's journey easier. Suppose you read the right books and invest your time and attention from absorbing ideas (whether it's relatable or not) on sales, marketing, delivery, leadership helps you become more capable as a business owner.

✔️ Invest in coaching and mastermind programs. Hire somebody who could specifically look into your business and let you know what you need to do.

✔️ Be willing to change. Many business owners are so used to having the old way and are not ready to step up, experiment and go out of their comfort zones.

Get In Touch With Empire Tax Professionals:

Did you ever imagine spending this much time on your financials?

IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE.

📚 👓 PM or email us at accounting@empiretaxusa.com to book a FREE strategy session with an Enrolled Agent on our team.

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In the past decade that I have been helping clients; I have seen how most entrepreneurs do not concern themselves with the business structure's nitty-gritty until a problem arises and is discovered during tax season.

In this episode of Empire Tax Professionals, we will discuss the small business entity's specific advantages and disadvantages and strategies needed to work around the confusion and potential liabilities.

KEY TAKEAWAYS:

● I cannot emphasize enough to accurately know your estimated tax payments every quarter is a necessity. For an S-corporation (S-Corp) taxation structure, know the reasonable compensation you need to pay since all officers of a corporation need to be on payroll and don't want to overpay the IRS.

● When you're working in the business, you're the employee. Be careful how you allocate your income, and it should be with specific advice depending on different tax rates because reasonable compensation must be paid when you're an S-Corp.

● The financial and emotional costs of a potential IRS audit and penalties entail more enormous costs than getting CFO services. Be smart and protect yourself by managing your taxes with the help of experts.

Get in Touch with Empire Tax Professionals:

Did you ever imagine spending this much time on your financials?

IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE.
Contact us today: https://empiretaxusa.com/

📚 👓 PM or email us at accounting@empiretaxusa.com to book a FREE strategy session with an Enrolled Agent on our team.

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To err is human, and making mistakes along the entrepreneurial journey may involve tax accidents that can be costly for every business owner.

In this episode of Empire Tax Professionals, we will talk about small business owners' most common tax mistakes and how to prevent these issues.

KEY TAKEAWAYS:

● Wrong selection: If you're making 10 to 30K dollars annually, you do not want to be a Sole Proprietor because you're not protected. You're paying more taxes, your assets are at stake, and anybody could come after what you own.

● Monthly bookkeeping: Estimated tax payments are among the most important things that businesses need to do to make sure that there are always current taxes. Some people have significant tax bills and close their businesses mainly because they don't do the bookkeeping on a monthly basis.

● Not getting experienced tax professionals: A bookkeeping company is utterly useless if they give you the profit and loss (P&L) reports, and they don't look at it from a financial standpoint. Guidance is the essential key in this whole thing; if your accountant does not guide you, then you're hiring a robotic company to do the job for you where there's no advice.

The IRS encourages business owners to specialists who can help with tax situations and avoid common errors from the get-go.

Did you ever imagine spending this much time on your financials?

IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/

📚 👓 PM or email us at accounting@empiretaxusa.com to book a FREE strategy session with an Enrolled Agent on our team.

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So you're ready to add new people on board and increase staffing for your business. The cost of hiring new employees may cost you new expenses, liabilities, and legal obligations if you fail to do your homework.

As employers, there is so much that you need to do for you to be compliant per IRS standards, per your state standards, and then there are city and local state requirements that every single employer needs to comply with. And if you don't comply with it, then you get penalties from every single direction.

In this episode of Empire Tax Professionals, we will talk about what you need to do when hiring your first employee.

KEY TAKEAWAYS:

● First things first. When hiring a new employee, you need to ensure that you collect the proper documentation.

● Make sure that you get worker's compensation insurance (it varies in every state in the US). Discuss details with your insurance broker. If you don't, you get a fine of two thousand dollars every ten days for not complying.

● Register with the Department of Labor before you hire your first employee. Once you register, the state permits you to start collecting payroll taxes on behalf of the employee. You become like a trust fund.

● Pay every single independent contractor to their corporation name versus to their individual name so you can avoid any red flags and reduce any audits.

● Depending on the type of business you're in, you would want to collect Non-Disclosure & Non-Compete Agreements.

Get In Touch With Empire Tax Professionals:

Did you ever imagine spending this much time on your financials?

IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE.
Contact us today: https://empiretaxusa.com/

📚 👓 PM or email us at accounting@empiretaxusa.com to book a FREE strategy session with an Enrolled Agent on our team.

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Like many business owners, do you get confused or overwhelmed by your financials? OK, so you may already have a great bookkeeper and accountant, but tell me -- are you sure that you are paying just the right amount to the IRS?

Do you actually know if your bookkeeper and accountant help you SAVE MONEY or maybe unknowingly incur your business tax liabilities?

In this new episode of The Wealthy CEO Accelerator Podcast, we will talk about tax basics that you should know. Watch the full show and figure out how we can help your business legally grow.

Key takeaways from the episode:

✔️ Bear in mind that you should not be overpaying in taxes, especially if you have a bookkeeper all year round. Understand your financials with the help of a virtual CFO.

✔️ Instead of relying upon just one person, it is wise to entrust your business to a team of specialists that will back you up. You wouldn't want to scramble looking for several years' worth of tax returns, not knowing what was filed and not filed if your go-to person passes away and nobody picks up the phone.

✔️ Seek guidance from a tax professional on how to choose the correct business entity for your business. A lot of people that come to us and they register online and they are the wrong entity. They've been overpaying in taxes for the past two or three years because they've been registered online and do their taxes on their own.

Save tens of thousands 💸💸💸 on taxes and get in touch with Empire Tax Professionals: https://empiretaxusa.com/

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Are You A Tax Dummy? Here Are Basics You Should Know

Years ago, my dad didn't pay his taxes. I saw him writing a check of $1.2 million in charges because his accountant did not give him proper guidance.

I witnessed the harsh result of how an innocent mistake or lack of an informed decision can throw you into substantial financial liabilities. It was such an expensive mistake and a bitter lesson to learn. The money lost could have been used for essential needs and other aspects of business-building.

I became an accountant and made it my life's purpose to ensure that other people, given the proper education and high-level strategies, will precisely know what they need to do. So no client ever, ever falls into the same trap that my dad did.

So if you consider yourself a tax dummy or in dire need of complex tax knowledge made simple, I've put together in this episode of The Empire Tax Professionals the basic things you should know to avoid the tragedy of making that costly tax mistake.

Key takeaways from the episode:

Tax horror stories stem from not having a consistent bookkeeping process which is a scary, risky business. You may result from overpaying or underpaying the IRS, which translates to losses on your side. So you want to make sure that you're paying the right amount. And the only way that you would know exactly how much to pay is to have perfect and clean books and make sure that all your accounts are reconciled.
It is in your best interest to find specialists who do not just do the robotic tasks but can provide sound advice specific to your business's nature. Companies in the e-commerce or digital marketing space require specific know-how of expenses to be deducted and lessen your legal liabilities.
Working with various departments; bookkeeping, accounting, payroll, tax planning can be confusing and energy-expensive for the busy business owner. Allow Virtual Chief Financial Officer or virtual accounting services to help you look at the entire picture, handle the nitty-gritty, and become your business's best investment.

Get In Touch With Empire Tax Professionals: Did you ever imagine spending this much time on your financials? IT’S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/ PM or email us at accounting@empiretaxusa.com to book a FREE strategy session with an Enrolled Agent on our team.

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Virtual CFO Services For Small Businesses

The underlying reason you need to employ a virtual CFO is to provide you with strategic financial knowledge and maneuverability that will result in increased profitability for your business.

In today's dynamic market, any organization may profit from the expertise of a specialist who can monitor and administer a company's financing, set budgets, oversee estimates, reconcile books, handle tax planning, and formulate plans consistent with business goals. In other words, regardless of the scale and nature of your business, a Chief Financial Officer will be a valuable asset.

Join me as I bring you another episode of The Wealthy CEO Accelerator Podcast. Watch the full show and figure out how we can help your business legally grow.

Key takeaways from the episode:

Soak up to the reality that there's a lot of wrong information. Ensure that you trust your business to people who are licensed, experienced, and have a team to back up everything to help you.
Be conscious that most business owners are so confused and overwhelmed because they're speaking to many various departments; bookkeeping, accounting, payroll, tax planning, etc. Virtual CFO or virtual accounting services focus on the entire picture.
Understand that you can't do the bookkeeping yourself, especially if you don't understand the tax law. Bookkeeping is making sure that you're deducting every single expense legally possible.
Acquire the technique of not paying a thousand dollars for data entry services—partner with those concerned about strategy and helping you reduce the risks of an audit.
Bear in mind that giving money to the IRS gives you no ROI. Instead, invest your money in someone who can provide you with guidance to save on taxes and get you fully protected from an audit.

Save tens of thousands and dollars on taxes and get in touch with Empire Tax Professionals: https://empiretaxusa.com/

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Selecting the best type of business entity for your business is the most significant decision that you need to make as a business owner. How you choose your business entity may have long-lasting tax and legal repercussions, so it is crucial to get it entirely right.

Taking your lawyer's advice in choosing a business entity may get you protected but not save you thousands of dollars in taxes. In the same way, your accountant may help, but you may end up saving in taxes but not be protected.

Rachel Michaelov and Empire Tax professionals understand that you want to hit two birds with one stone. What you want to happen is choose the best business entity that will suit your need of getting protected and saving money in taxes.

Tune in to this week's episode of the Empire Tax Professional's show and get guidance in choosing the best entity for your business.

Key takeaways from the episode:

Figure out that if you choose the wrong business entity, it costs at least $10,000 to $15,000 every year. Imagine if you select the correct entity from the very beginning, you would have had so much money.
Be mindful that attorneys don't understand the tax advantages; they only understand the protection. Many bookkeeper's don't know tax rules, and most local accountants are giving bad advice. You have to be careful of who you go to and who you listen to.
Know for certain that when you have many people on your team, you as a business owner suffer—you overpay.
Understand the situation that if your bookkeeping is wrong, your tax return will be incorrect, and then you may get audited. It would be best if you had guidance from a specific professional to do things legally.

Watch the full episode on Youtube: https://youtu.be/dfijAFgs_LE

Get In Touch With Empire Tax Professionals: https://empiretaxusa.com/

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Business taxation can be overwhelming, and you're sure to have some doubts as a business owner:

How much could I pay?

Why am I obligated to pay this sum?

How can I minimize my tax liability?

Understanding how to legally minimize taxes and eliminate pitfalls is crucial and can deliver fantastic rewards.

Unfortunately, many business owners overpay their taxes by losing out on such deductions or handling your company and investment assets in a manner that is not effective for tax reasons. Logically, business owners and sometimes even accountants have difficulty navigating the taxation process since the U.S. tax policy is over 70,000 pages in length.

When seeking to curtail your tax payment, there are also complexities to contend with. Yet you can save money overall with the correct strategies, thus, making you a little less stressed out throughout the tax season.

Just in case you forget the worth of a hard-earned dollar, The Empire Tax Professionals come up with a bunch of money-saving strategies to raise your business's bottom line from cutting your legal costs to reasonable ways to save at least $10,000 in fees and taxes every single year.

Key takeaways from the episode:

Be reminded that once every tax obligation is reconciled, don't thoroughly think that it's done! As the business owner, you want to review the profit and loss reports. See what expenses you can remove, and make decisions.
Develop the habit of diligence in checking and assessing your progress as a business. According to Rachel Michaelov’s advice, “As business owners, review your profit and loss reports. See what's hurting you and what's serving you. I highly recommend you do this every month because, after two or three months, you end up wasting so much money, it's just too late to make decisions.”
Open your eyes to the underlying truth that when you hire three people to do your payroll, accounting, and tax requirements, you need to pay three people instead of one, and you're working more because you're communicating between three people. That's not saving you money, and that's not efficient either! You are 100% overpaying in your taxes, and you're overpaying in fees.
Never allow your accountant to leave you hanging midway in the air. Accountants take off after April 15th; they're entirely unavailable. So, when you get an IRS notice after tax season, what happens?
Remember that if you don't have a person to ask, you may end up losing money, you may end up losing opportunities. It's always best for you to have experts that give you that solid advice.
Everything is in Google but, rise above these profanities and understand that information on Google is not 100% accurate. Work with someone who knows the tax process from the inside out.

Watch the full episode on Youtube: https://youtu.be/Ka73Q-qGLpA

Get in Touch with Empire Tax Professionals:

Did you ever imagine spending this much time on your financials?

It’s okay. Let us help you get it off your plate. Contact us today: https://empiretaxusa.com/

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Who's not guilty of procrastination? I bet we all have at some point, delayed some vital tasks. Yet one thing most people enjoy holding off on before the last minute is filling out income tax returns.

In 2019, roughly 34 million taxpayers deferred a week before April 15th to submit their income tax returns. That's almost the same amount of tax returns submitted in the whole month of March. This explains why many individuals and business owners are so stressed out during the tax season.

However, with more than 70% of taxpayers enjoying an annual income tax refund of about $2,800 per year, you might want to file your taxes earlier.

Your Income Tax Returns are statements of your revenue, investments, gains, and expenses throughout the financial year. Prompt filing of your tax returns will help you build a consistent record of income earnings and other information. Consequently, you can claim predefined tax incentives if you have consistently filed your income returns.

In today's episode of Empire Tax Professionals, Rachel Michaelov, will share some valuable "Small Business Tax Tips and Strategies" to save you from the Internal Revenue Services.

Key takeaways from the episode;

Gain timely and valuable tips on how you can avoid a possible audit from the Internal Revenue Services as a business owner, or a tax-paying individual.
Realize the importance of collecting, documenting, and backing up all of your income expenses to make sure that you have all of the info so you can file a complete tax return.
Understand what expenses, forms, and documents you should be incorporating in filing your Income Tasks Returns. This would guarantee that you avoid any complications, and you include every single expense possible.
Get a grip on what you should look out for in working with a professional accountant to ensure you have reliable and streamlined bookkeeping and accounting system.
Correct the common misconception that you don't have to file income tax returns when you're unemployed. Unemployment is 100% taxable!
Peace of mind is essential, especially during these Covid times. Early filing of your ITRs is the key to achieving that sought state of not having to worry about your taxes.
"After April 15th, you're going to start paying, interest and penalties and getting notices. It's much harder to get on track with the IRS, especially because everything is so behind because of Covid," says Rachel. Listen to the podcast or watch the full show to save yourself from these pitfalls.
Declaring the expenses you've paid for the daycare center is not enough. Some specifications need to be followed. Learn how to do it properly by tuning in to this episode.

References for the stats:

https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-october-18-2019
https://www.irs.gov/newsroom/filing-season-statistics-by-year

Watch the full episode on Youtube: https://youtu.be/LZq22nEXAYY

Get In Touch With Empire Tax Professionals: https://empiretaxusa.com/

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Welcome to the Wealthy CEO Accelerator Podcast. I’m Rachel Michaelov, corporate Tax Specialist turned CEO of a 7-figure business. But, it wasn’t too long ago I didn’t have the luxury to be there for my four children. There I decided to start my own business. Fast forward through many failures, I have more freedom, wealth and success than I ever thought possible. I created the Wealthy CEO Accelerator Podcast to give you actionable step-by-step strategies to do the same. If you are an entrepreneur ready to elevate your business and have everything you need to be set up the right way, this podcast is perfect for you!

Some key areas we will cover in this podcast are helping you save thousands in taxes, gain more freedom, and create financial hacks to make your money work for you.

Here’s how it works: every Tuesday, we will launch a new podcast episode at 8 am Pacific. You will be able to find it on iTunes, Spotify, Amazon Music, and more of your favorite podcast apps.

I’ll explain how specific strategies can save you so much time, money, and headache in the future. This isn’t based on theory. It’s real, actionable strategies to take your business and life to the next level.

By the end of the episode, you’ll be able to identify the exact steps you need to take next. So, let’s get started!

Wealthy CEO Accelerator Podcast: Recent Episodes

Rachel Michaelov